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World Business Today

News/Business. Colleen McEdwards, Pauline Chiou. The day's global business news with a focus on international business and market trends. New.




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U.s. 14, Us 12, Cnn 11, Europe 9, Hong Kong 8, London 7, Mandela 6, Murdoch 6, Michigan 5, New York 5, Texas 4, America 4, Orion 4, Minella 3, Andrew Stevens 3, Nelson Mandela 3, Richard Roth 2, Rbs 2, Mr. Obama 2, Fhfa 2,
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  CNN    World Business Today    News/Business. Colleen McEdwards, Pauline Chiou. The day's  
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    September 6, 2011
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center, japan, joplin, missouri, and haiti. >> in haiti, on our fourth day there we made contact with a 10-year-old girl. we would ask her to acknowledge us with a tap and around the six or seventh hour she stopped tapping. >> finding live people is our goal. but providing hope for the onlooker and a place to begin work for the firefighter. those are many-fold objectives. you can learn more at cnn and facebook and twitter pages. that's it for us. i'm zain vergee at cnn in london, here are the top stories right now. a large convoy of libyan military vehicles, several hundred by one account has
passed into niger, according to reports from several news agencies. it borders on libya and algeria. officials in niger are saying the head of moammar gadhafi security forces entered the country on sunday but there's no official word who may be traveling in this latest convoy. anti-gadhafi rebels have vowed to take control. rebels told cnn just a few minutes ago they've resumed negotiations with tribal leaders on the surrender of bani walid. the international committee of the red cross says it's been allowed inside syria's main detention facility. this is the first time it's been given access to detainees since protests started six months ago. the increased access was called an important step forward. a man claiming to have a
bomb has taken a child hostage at a court complex. police have surrounded the building in a suburban area of sydney and evacuated people from the area. the child reportedly is the man's young daughter. police negotiators are at the scene. just a month ago, a fake bomb was strapped to a teenager in another sydney suburb. those are the top stories from cnn, the world news leader. i'm zain vergee and "world business today" starts right now. good morning from cnn london, i'm charles hodson. >> and good afternoon from cnn hong kong, an andrew stevens, you're watching "world business today." the top stories this tuesday, the 6th ever september, european markets edge higher after a punishing start to the week. >> what did he know and when did he know it? james murdoch races himself,
challenging himself in the telephone hacking scandal. and lost in a bar again. rumors circulate that another iphone prototype has been misplaced. >> let's get straight over to the stock markets in europe. and they have opened higher as you can see, providing a little bit of relief after the steep losses we saw on monday. and we're looking at advance of 1% for the london ftse, less than that for the xetra dax, the hardest hit in monday's route. zurich smi bouncing the furthest be up by 1.5%, paris cac current not joining the party too much, up by a third of a percent. european banking stocks are recovering from steepest losses. they had the steepest losses of monday's brutal session. we are seeing some gains. the fact that soc gen helps
explain why we aren't see the cac doing as well as other ind di indices. credit suisse up by 1%. andrew? >> what a difference a couple of hours make, charles. if you look at what happened here, it was the european debt crisis driving the asian markets down today. that's because the european markets closed so weak yesterday and most of the asian markets were closed before they opened yesterday. it is about the strength of the u.s. economy hurting share prices. banking and energy companies lead the way. there you see it with a notable exception of hong kong. if you want clear evidence of just how closely asia is tied in with the euro zone crisis at the moment, take a look at this. this was hong kong off the top responding to that weak close in
europe. when europe closed here, we saw the spike up, a bit of volatility there, with the euro zone back into the red. that's what we saw in hong kong. very much following what was beginning on in europe in just the last hour of trading today. the australian market down 1.6%. not surprising, uncertainty outweighing concern. the nikkei down 2.2% closing at 8590 yen. and that is its lowest close so far this year. take into account the march 11th earthquake. we've now reached a new low here today on the uncertainties about the global outlook, japan being such an export-dependent economy, of course. down from the start of the year to the bottom, down by 16%, charles, so far this year. >> oh, yes.
not pretty. well, meanwhile, the u.s. markets remember were closed for the labor day holiday on monday. so they're playing catch up with this route right across europe and asia. and this is what u.s. futures stand in the premarket action. off by around 1.5 to 1.66%. in the case of the s&p 500, a loss of around 2%. just onmarket, things might change depending on what happens in european trading and whether this small rally continues. >> gold prices, traders continue to seek out safe havens and gold as you see there, $1901 per ounce at the moment. the interesting thing here, it did spike up briefly to a new record of about $1,920 earlier this day. and compare that, the previous record high was $1,912 or so in
mid-august. and then from that level, the price of gold went down $200, a big fall there, now turning around, getting back towards those record levels once again. the price of crude oil very sensitive to what's going on in the broader global economy. the price of crude is currently trading down about $2 a barrel, $84.26, nymex hovering around $110 a barrel, charles. european stocks appear to be recovering today with one or two exceptions. uncertainty still persists in the sector, clearly, a lot of negative influences there. the decision by the fhfa to sue a total of 17 financial companies for their part in misselling or misrepresenting mortgages during the subprime or the runup to the subprime crisis of 2008. ralph silva joins us with more, the director of the silva
research network. the boss of deutsche bank was saying at a conference about 24 hours ago that he thought some of the weaker banks would go to the wall as a result of this crisis. is that a statement of the bleeding obvious as we say here or is it actually simply that something that really should shock us? >> it is a bleeding obvious, to be quite honest with you. we anticipate about 30% of the world's banking brands will disappear within the next five years. the reason is simple. there's a massive oversupply of banking products in the world today. we don't need to go into branches as much. most of the technology is in play that we could do our transactions without having to talk to people. we need much fewer of the banks. >> you're talking about the retail sector, the small business sector, if you like, the consumer facing and small business facing side. what about the investment side. >> you don't need -- it doesn't take as long to do an investment
banking deal as it did ten years ago. communications are easier, syndicates are easier to build. retail banking is in essence dying a slow death. why? because the vast majority of us are ding our retail banking at grocery stofs, automotive companies, electronic stores. you no longer go to the bank to get the money. most of the retail financial service is moving away from retail banks. investing in retail banks for the long-term future is not a good idea. >> let's talk about this move by the fhfa to sue. some of these banks have been asked for $30 billion in the case of rbs, 14 billion or 16 billion in the case of credit suisse and deutsche bank. plumep presumably they don't need this on their balance sheets. >> you have to try to get some of the money bank. if they fail, which high lie likely they will ge fail to get this money bank, the answer is the government can say we tried
and the law doesn't allow us to do it. we've never seen this kind of lawsuit go through. there are professional entities talking to professional entities. they should know better and should kick the tires themselves. >> terms of the valuation of banking stocks at the moment, they've in some cases been brutal, 11% for rbs. is that excessive? are banking stocks a buy at these levels? >> it's hard to say. you can't follow the industry as a whole. you have to follow individual institutions. the top 15 banks in the world are probably undervalued without question. the rest are overvalued. in about a decade we'll have 80% of the world's financial might will be managed by about 15 banks. if you can pick the 15 banks today, you'll make a killing. >> i'm sure you have a few ideas, ralph, but that will have to be for another day. andrew? the investigation is not over into the phone hacking scandal that led to arrests,
high-level resignations and the news of the world tabloid up in. we saw the scandal reach the top of the ladder when ruper murdoch and his son james were questioned by lawmakers. four former executives from news international, the company's uk up in unit will be appearing before the culture media and sports committee. the main issue today is what james murdoch knew and when. at the hearing in july, he said he knew nothing about an e-mail in 2008 that indicated hacking at the news of the world was not confined to just one reporter. >> did you see or were you made aware of the e-mail, the transcript of the message? >> i was not aware of that at the time. >> now, that for neville e-mail,
he was a news of the world reporter. it refers to the 700,000 pounds paid to the head of the professional football association, gordon taylor, whose phone was hacked into. james murdoch signed off on that settlement but said he knew nothing about the e-mail. two of the former executives testifying today have publicly challenged murdoch's testimony. tom crone was the former legal manager of news international. he released a statement contradicting james murdoch's claims that he had no knowledge of the e-mail. myla was the editor of the news of the world when it was shut down. they're both appearing before the committee in a little over one hour from now. james murdoch could be called back for further questioning depending on what they have to say. all this week we're commemorating the 9/11 attacks. it's now almost ten years since they took place. in a few moments we'll meet an engineer who helped build the
twin towers. his story when we come back. thae for failed investing. open an e-trade account and open doors, seize opportunities, take action with some of the most powerful yet easy-to-use trading tools on the planet all built to help you maximize the potential of every dollar you invest. successful investing isn't done by throwing ideas against the wall and hoping. it's done by lowering your costs and raising your expectations by using unbiased research and powerful screeners to build a diversified portfolio with stocks, bonds, mutual funds, and every etf sold. and we'll help you every step of the way. with 5-star research and free education covering everything from the basics to advanced investing strategies. start now and we'll give you up to $500 and let you trade free for 60 days. visit our website, call us, open an account. e-trade. investing unleashed.
ten years ago next sunday the world changed in a matter of minutes. when two planes struck the world trade center in new york city, a third hit the pentagon in washington and a fourth crashed in a field in the state of pennsylvania. nearly 3,000 people lost their lives on september 11th, all this week cnn is bringing you special coverage ahead of the tenth anniversary. >> the vision of what is to stand at ground zero is becoming a reality. the new world trade center's, tallest building to be known as one world trade center reached three-quarters of its height.
>> reporter: imagine building a world trade center. only to watch it come crashing down. >> it was frightening, it was devastating. it was hard to understand from my point of view as an engineer who was involved in building and involved in these buildings that this could ever happen. >> you didn't think they could come down. >> we didn't think this could conceivably happen, beyond belief. >> reporter: now imagine building it all over again. >> that's the steel. >> reporter: that's been mike minella's reality since september 12th, 2001, the day after the 9/11 terror attacks when he came down to ground zero to aid in the recovery efforts. as you watched the towers fall on 9/11, was there any question in your mind that they would be rebuilt and you would be here doing it again? >> no. no way. not in -- i'm an optimist. that's write come from. >> reporter: for the past ten
years, minella's been overseeing the massive rebuilding project for construction giant tischman. his ties go back to his childhood where he worked for a neighborhood hardware store making deliveries on these very streets in lower manhattan. he started working here after graduating from college with a degree nenk nearing. . >> it was monumental, it was by far much more dramatic than anybody could won seve of on paper. >> reporter: rebuilding what was lost is perhaps more challenging today in the midst of one ever the most crowded cities in the world with subways running right through the construction site. >> we are literally building seven or eight different projects in one site. >> reporter: six years after the rebuilding began, minella and more than 3,500 others are working at a rapid clip, constructing one floor a week on
towers one and four. >> reporter: does it mean more the second time around? >> i think it means more in terms of what our experiences, our collective experiences have been to see it put back. that's really it. i think we need to close that time. >> reporter: how do you come here every day? >> it's the drivingness to put them back. this needs to be done. >> reporter: new york needs this? >> new york needs this. our country needs it. >> reporter: but there's one day he doesn't come, september 11th. you still haven't record? >> every year whenever it comes back, it takes you right back. >> reporter: despite those difficulty moments you had a job minella is honored to have. >> i'm thankful i could be involved in putting this back together again and making it go forward. it's just a great cap to a
career. where else could you want to be except here? >> reporter: in new york, poppy harlow, cnn money. make sure you join us as we take a closer look at the people who became literal and figurative footnotes to the 9/11 terrorist attacks. they are the ones who went to work as they always did and became part of history. it's a cnn documentary "footnotes of 9/11. "world business today" continues in just a moment.
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china's middle class is not just growing but exploding. that brings us to today's big number, 1.4 billion. that's the number "forbes" magazine expects china to reach within 2040. welcome back. you're watching "world business today," live on cnn. now, nigeria's central bank is expected to include the chinese yuan among its foreign exchange reserves. foreign bank governor thinks it will make up 5% to 9% of nigeria's holdings. he says the standard & poor's
downgrade added urgency to the need to diversify. nelson mandela's former prison number is being used to brand a new clothing line. there are concerns over whether or not a fashion label can really represent what mandela stands for. we have more from johannesburg. ♪ >> reporter: 46664. >> we have to build a relevant fashion brand. >> reporter: at the launch of south africa's newest clothing line, the focus was fashion and not the number on the label. what about that pink dress behind you says nelson mandela. >> it says more is about how you can commit to helping the organization. i think by wearing those clothes you commit to doing something that is helping an organization to support his legacy.
>> reporter: look closer at the clothes, though, and you'll notice a hand that belongs to the nobel prize winner and the country's former president, nelson mandela and the number that identified him when he was in prison for life in 1964. >> you're talking about branding. he was branded in jail. we were branded. >> reporter: if it's hard to see a connection between fashion and the prison number of one of the world's greatest liberation heroes, maybe that's the point. >> to reach that new generation you have to use the methodology and techniques they understand. >> reporter: the foundation that bears his name insists it makes a point of protecting mandela's legacy. this board member says every day they turn down 20 requests to license mandela's name or image. the clothing line won't be able to use them either. >> we are aware of the risks and that's why it took us almost two
years to negotiate a final contra contract, with strict conditions on what they can do and can't do. >> reporter: its strongest connection to mandela is the company's pledge to give 7% to 9% of its revenue to mandela's charities. the hip clothing line certainly has the potential to sell but with shirts costing around 100 u.s. dollars, some in mandela's family wonder just how many south africans will be able to afford his label. >> no doubt it is stylish but my worry and also echos some of my cousins worries that will it reach the other levels? will it be able to encompass what it stand for. it's not just the rich people, it's all people of life ♪ celebrate mandela's philosophy ♪ >> reporter: perhaps the one opinion that truly matters is from the man himself. his family says he's yet to seat
line that takes its name from a number so crucial to his legacy. ♪ celebrate humanity >> certainly a controversial. for the latest business news and stories from africa, all you have to do is check out our website at c check out all the news affecting african business at weakness in the u.s. jobs market continues to undermine growth in the world's largest economy. when we, we get an idea of how the u.s. president plans to fix that. >> labor is on board, business is on board. we just need congress to get on board.
from cnn london, i'm charles hodson. >> and i'm andrew stevens at cnn hong kong. welcome back, you're watching "world business today." >> well, markets in europe have opened higher, providing a little bit of relief after monday's steep losses. here's how they're faring right now with the gain of 1% for the ftse. the dax actually not joining the party quite so decisively, up by 0. 4%. same story for the paris cac. soc gen was down unlike other european banks and the zurich, the smi, gaining 0.6%, investors deciding they were perhaps wrong to sell swiss stocks. european banking stocks, also recovering from steep losses. they've gained considerable ground in the past half hour
with a gain of 2% for rbs which was scarcely up half an hour ago. deutsche bank also up by nearly 2% now. soc gen is the one not joining the party. off by 0.5%, was off by 1% earlier on. and credit suisse, that feeling that the swiss banks have been seriously oversole, that's gaining 3.6%, in line with the broader market, andrew. >> yes, interesting. the frank banks taking a hit on their exposure to the euro zone. it was a down day in asia and it was still the same story. all about european debt, also the u.s. growth fears as well. but because most of these asian markets are closed before the euro zone opens for trading, traders were looking at what happened in europe yesterday when we saw falls of 5%, for example, on the dax. that's where they took their cue. the u.s. was closed yesterday. the nikkei closing down another 2.2%. 8590 yen is where the nikkei now
stands, the lowest level this year. hong kong, the notable exception, was up. hong kong trading closes later than any other trading. it caught the tailwind of the stronger euro open and hong kong was down all day and turned positive as the european markets opened. that was the story there. certainly a sell-off, a lot of interest, charles, obviously in what happens to the u.s. now. >> absolutely. because, of course, we had the labor market holiday on monday. so catch up will have to take place when those markets open in five hours time. it does look as if it will be a much lower or somewhat lower, off by 1% or so, particularly the s&p 500 off by 1.2%. but i think it's interesting because, again, in the past half hour, the losses have narrowed a little bit. this is very much still the futures market. we really have to wait and see what happens when the dow opens in five hours time, andrew. >> yes. it's going to be a huge week in
the u.s. on the economic front, because american jobs are very much the focus as congress returns from the summer recess on wednesday. and we'll hear directly also from the president, barack obama, the day after mr. obama, of course, addressing a joint session on thursday evening, promoting his brand of job growth and fiscal recovery. so the republicans for that matter. the president did so, he's already started things moving. did he that when he was on the road monday. >> there is work to be done and there are workers ready to do it. labor is on board, business is on board. we just need congress to get on board. let's put america back to work. last year, last year we worked together. republicans and democrats. to pass a payroll tax cut. and because of that, this year, the average family has an extra $1,000 in their pocket because of it. >> thank you! >> but that's going to expire in
a few months if we don't come together to extend it. and i think putting money back in the pockets of working families is the best way to get demand rising, because that then means business is hiring and that means the government -- that means that the economy is growing. so i'm going to propose ways to put america back to work that both parties can agree to. >> well, u.s. house speaker john boehner presents the republican jobs proposal next week to encourage hiring in the private sector, republican congressional leaders and most republican presidential candidates are proposing lower business taxes, taxes and fewer regulations. and, of course, they're also lambasting president obama. >> he's the most effective food stamp president in american history. and if you think about it, that's actually a tragedy. that means that millions of jobs have been killed unnecessarily and we should all understand,
this economy is in grave danger of getting worse, not getting better. >> sort of goes without saying in washington, that the republicans will line up to bash the president. but the republican party politicians are not necessarily the only people complaining about president obama. his approval ratings have been falling over the past year and even in his home state there are complaints. >> yes. people are frustrated. they're depressed. i had been depressed. you get to the point where you think there's nothing to be done but i think that's the result of a calculated program to make us feel powerless. i think the people in michigan really node -- need a hand. we need work, we want work. that's all. we don't want a handout. we want jobs. >> in michigan on monday, mr. obama said he's prepared to fight for his new job growth proposals, defend organized labor and take steps to restore
america's middle class. he also expressed hope for the future of detroit. >> it's like the commercial says. this is a city that's been to heck and back. and while there are a lot of challenges here, i see a city that's coming back. you ask somebody here if times are tough, they'll say, yeah, it's tough but we're tougher. look at what we're doing to overcome. look at what we're doing to rebuild and re-invent and redefine what it means to live in this great city. >> well, in a sign that president obama's optimism may not be for nothing, a general motors plan to once produce gas-guzzlie ining sedans has be reborn as the only automobile factor of its kind in the united
states. casey wian has more from o'ryan, michigan. >> reporter: brad was working at a gm plan in the wisconsin that was about to close in 2008. sew moved his family to michigan and transferred to gm's orion plan the. before he knew it, that plant shut down, too and glenndee was out of work for six months. >> i had to hope the leadership was making the right decision. >> reporter: one big decision, investing more than 500 million today's completely retool the orion plan to do something gm hasn't done in more than two decades, produce a subcompact car in the united states. >> a hatchback. fuel efficient vehicle. >> reporter: 1,500 orion employees are back building the chevrolet sonic set to hit showrooms this fall. >> it's an opportunity for to us show off that our manufacturing
system can build anything. we can make it cheap, we can make it good. >> reporter: the plant was completely gutted and redesigned to save 500,000 square feet of floor situation, allowing suppliers to operate closer to the assembly line. >> think about going out and taking out everything except for the concrete floof ar and the r and starting over. that's what we did a year and a half ago. >> reporter: energy efficiencies will also help loosen the tight profit margin among cars selling for less than $15,000. >> i think it's a risk but a calculated risk in a sense that because there's more demands for smaller vehicles and chevrolet never had a portfolio that extended that far into smaller cars. so trying to meet consumer demands and looking to the future diverse fiction away from trucks is an important step forward. >> reporter: another cost savings, a controversial agreement with united auto workers tied to the federal government's bailout of gm and
chrysler. it's a two-tier agreement, approving newly hired workers to be paid $14 to 1 $6 an hour, ha of what veteran gm workers make. >> it will be important for creating more jobs in america. >> reporter: that two-tier system remains controversial among some. the uaw talks are expected to wrap up later this month. casey wian, cnn, orion, michigan. >> the mystery is deepening over a missing iphone prototype. apple is desperate to get it back. straight ahead, more of a search for the device and the lengths to which apple may be going to find it. g.
open an e-trade account and open doors, seize opportunities, take action with some of the most powerful yet easy-to-use trading tools on the planet all built to help you maximize the potential of every dollar you invest. successful investing isn't done by throwing ideas against the wall and hoping. it's done by lowering your costs and raising your expectations by using unbiased research and powerful screeners to build a diversified portfolio with stocks, bonds, mutual funds, and every etf sold. and we'll help you every step of the way. with 5-star research and free education covering everything from the basics to advanced investing strategies. start now and we'll give you up to $500 and let you trade free for 60 days. visit our website, call us, open an account. e-trade. investing unleashed.
let's check in on currencies and believe it or not, the euro is strengthening again. it did fall to 1.4, 1.40 against the dollar. the yen trading at slightly over 77 against the dollar. we'll come back, live from cnn hong kong and london, this is "world business today." it's just one little phone that's apparently gone missing in california but the uproar it's caused is huge. the search reportedly is now on for a secret prototype iphone that was left in a bar. dan simons reports from san francisco. >> reporter: a new not yet for sale iphone would be considered priceless if it ever got into the hands of apple competitors who would love to take it apart and find out what's inside. if reports that an apple employee lost an iphone 5 prototype are true, whoever find it probably had no idea what he
or she had stumbled upon. >> there was an ad that appeared on craigslist offering the phone for $200. so we think that's where it ended up. >> reporter: the technology website cnet reported that an apple employee lost the iphone at cava 22, a bar in san francisco. >> this appears to be you have a few too many drinks perhaps and you leave it behind. >> reporter: apple wouldn't confirm the story but the san francisco police department put out a press release friday evening that says apple requested assistance in tracking down a lost item. four sfpd officers accompanied two employees to a home and those employees went into the house to look for the lost item. none was recovered. the publication sf weekly reported it interviewed a man who consented to having his home searched for a phone last month after confronted by whom he presumes were police officers.
again, no comment from apple. this whole story may seem a bit familiar. >> iphone 4. >> reporter: when steve jobs introduced the iphone last year, he joked about whether anyone had seen it in advance. >> stop me if you've already seen this. >> reporter: that's because many had. >> i'm jason chen, this is the new iphone. >> reporter: in iphone 4 prototype was lost in a bar and wound up in the hands of the tech blog gizmoto which paid $5,000 for the device. >> cnn's dan simon who reports the possibility of a publicity stunt looks unlikely since the two people who saw the iphone 4 prototype are facing misdemeanor criminal charges. now, would you believe there's a big demand for ostrich meat? in fact, that demand is on the run. we'll tell you all about it, straight ahead.
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let's take a quick look at the price ever gold. as you see there. just about $1,900 an ounce, up 3.66. $1,912 is the record price it hit back in august. interesting to see how high it goes from here, given the turmoil we're seeing on both sides of the atlantic. welcome back, live from cnn hong kong and london, you're watching "world business today." now, dozens of wildfires are burning across texas in what
officials are calling the worst fire season in the state's history. more than a million hectares have burned this year, thanks to hot, dry weather. jennifer delgado is at the cnn weather center. good morning, jen. the worst in history. this is serious. >> we're talking about billions of dollars in damages. more than a million hectares burned, 3.5 million acres burned since november. we're talking an area roughly the side of the u.s. state of connecticut. now as i show you on the satellite imagery, looking across texas and parts of the south, you see how quiet it is. satellite imagery showing you dry conditions. let's go to video to give you an idea of what conditions look like in parts of texas, this is coming out of magnolia, texas. this is san area dealing with dry conditions. when you had strong winds yesterday and relative humidity values basically of single digits, this did not help conditions across the region. again, this is out of magnolia.
let's go to another video, this is coming out of bastr 0. p county. more than 500 homes have been destroyed. this is say billion dollar loss in many areas. we're talking billions of dollars in damages. it is going to continue to be dry. we have an elevated fire threat throughout the remainder of the week. no precipitation, nothing measurable is in the forecast. remember we talked about the tropical storm lee, remnants of that continues to push off towards the northeast. that is going to cause some problems as we go through the next couple days, through areas that are still trying to recover from, you remember hurricane irene which weakened into a tropical storm. that is going to bring heavy rainfall across the region that does not need any more precipitation. now, the story we're watching, this is out of europe. notice heavy rainfall moving through, also dealing with windy conditions. this is going to be the forecast
for today as well as tomorrow. temperatures we're talking generally in the teens across the uk, down towards the south we're talking for italy as well as into areas including spain as well as over towards the southeast, temperatures in the 30s. but get this, charles, it may seem like it's been rather cold across the uk over the last several weeks, of course, for the summer. the average temperature was 14 degrees celsius, roughly 57 degrees. the coolest it's been on average since 1988. you weren't imagining things when you said your garden and crops weren't doing so good this year. >> some things have done well. everyone has gotten lots and lots of apple. basically dry, windy, cloudy and not warm at all. >> better luck next year. >> jen, thank you very much indeed. >> you're welcome. >> jen delgado joining us live from the international weather center. thanks again. this is say story which most people associate with hot, dry
climates. we're talking about ostriches. like the segue there? they usually live at the zoo or roam around the african savannah. this is happening in the u.s. now. richard roth xprans. >> reporter: it's a typical day for todd apelbaum on his new jersey poultry farm. >> come on, guys, up, up, up. >> reporter: but there's nothing ordinary about his birds. >> i've been in the ostrich business for 15 years. this is my passion. i like the challenge. easy. easy. >> reporter: it's a challenge just trying to coral and tag one of these 8 foot creatures. he raises 300 to 400 ostriches a year, many sold later for their meat. >> we'll sell close to 36,000 to 40,000 pounds of meat this year. last year i would probably say about 25,000. we're increasing every year.
>> reporter: he sells primarily through new york city's green markets. >> we sell to restaurants and to individuals. we sell to people who have had it in restaurants, haven't been able to find it. and then you have the adventurous people who are looking for an alternative meat. >> reporter: it's a red meat that tastes more like beef, on though it's poultry. >> the loin. >> the loin, we cut that up. >> my family, you know, my entire family went to south africa quite a few years ago and that's all we had. and it's so healthy, you know, and it's so tasty. and we just love everything about it. >> reporter: one new york restaurant specializes in cooking game meat. and ostrich steaks top the menu with its customers. >> the ostrich is lean and low in fat. it's less than the beef. and i combine some rich sauce with that meat to make a perfect
dish. >> reporter: and this bird is good for more than just its meat. >> these are huge ostrich eggs. >> what's in it? >> ostriches. >> reporter: an ostrich egg is the equivalent of 24 quicken eggs. one restaurant uses them to make its own pasta. >> we sell the fresh eggs for $30 apiece. we sell anywhere between 25 to 50 eggs a week. >> let's go. up, up. >> reporter: apelbaum encourages other people to get into the business. >> i want more people to raise birds. i want more people to eat ostrich. there's no competition. the more people that eat ostrich, it will get to more restaurants, supermarkets. they will help everyone. >> reporter: next year, he hopes to double the number of birds he raises but he won't count his chicks before they're hatched. richard roth, cnn, new york. turning ostriches, seems to be a one-way street there. if you want to comment on that
story or any of the stories you've seen on the show, get in touch with the team on our facebook page. go to let us know your thoughts. a quick look at the stock market. up by 2% in the case of -- sorry, these are the banks which, of course, the most downtrodden ones, credit suisse up by 3.6%. the broader markets are not quite in line with that. they're certainly being led by the banks. modest gains, andrew. yes. losses on this side of the world, charles, as we've been saying. the asian markets closed before europe got going with the exception of hong kong. markets here reacting to big falls yesterday in europe and also concerns about what the u.s. markets will do. futures still pointing to a lower open in the u.s. that's it for this edition of "world business today."
thanks for joining us, i'm andrew stevens in hong kong. i'm charles hodson in london. you're watching cnn, the world's news leader. -- captions by vitac --